Sapura Energy shares fall after being classified as PN17 listed issuer

KUALA LUMPUR, June 1 (Bernama) -- Sapura Energy Bhd shares fell in early trade today after announcing that it has been classified as a PN17 listed issuer due to going concerns on its shareholders’ equity position less than 50 per cent of its share capital.

At 10.25, shares in the oil and gas outfit eased 1.0 sen to 7.5 sen, with 91.72 million shares changing hands.

The group yesterday announced that it was formulating a regularisation plan to address its PN17 status in tandem with a proposed scheme of arrangement and would make monthly announcements on the progress.

It was taking the necessary steps to address its PN17 status.

Sapura Energy has become an affected listed issuer under PN17 on the basis that its shareholders’ equity position of RM85 million as at Jan 31, 2022 was less than 50 per cent of its share capital of RM10.9 billion. 

Public Investment Bank Bhd, in a note, said while the challenging situation was not entirely dire as yet, considering the assets that Sapura Energy still owned in light of the currently-positive industry environment.

“Financial rehabilitation (capital reductions) is a foregone conclusion, though management will also need to circumspect in determining its path forward, without fear or favour,” the research firm said.

-- BERNAMA